Title
Consideration of and action on an ordinance levying Ad Valorem Taxes for 2016.
Body
On September 6, 2016 the City Council took a record vote to begin the process of adopting an ad valorem tax rate of $0.720000 per $100 valuation for tax year 2016 (FY 2016-2017). This rate represents an increase of less than one percent as compared to the ad valorem tax rate of $0.714352 per $100 valuation set by the City Council for tax year 2015 (FY 2015-2016). Because the proposed rate of $0.720000 per $100 valuation is greater than the effective tax rate of $0.683862 per $100 valuation, the State's "Truth In Taxation" laws require two (2) public hearings to be held prior to a vote to set this rate. On September 6, 2016, the City Council adopted an ordinance establishing the dates of those public hearings as follows:
Public Hearing #1: Monday, September 26, 2016 at 5:30 p.m. in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
Public Hearing #2: Monday, October 3, 2016 at 7:30 p.m. in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
The meeting to adopt the ad valorem tax rate for tax year 2016 was scheduled for 5:30 p.m. on Monday, October 10, 2016 in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
The ordinance to levy the tax rate of $0.720000 per $100 valuation for tax year 2016 (FY 2016-2017) must include the following statement that is required to be in the ordinance in larger type than the type used in any other portion of the ordinance:
THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE.
THE TAX RATE WILL EFFECTIVELY BE RAISED BY 5.23 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $4.23.
Fiscal/Budgetary Impact:
Ad Valorem revenues in the General Fund and the Debt Service Fund of the City's adopted FY 2016-2017 budget were established based upon a total proposed ad valorem tax rate of $0.720000 per $...
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